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The Midlands Investor

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The Midlands Investor THE UK’S ONLY MIDLANDS FOCUSED REIT Results for the year ended 31 December 2019 Investor and Analyst Presentation THE MIDLANDS INVESTOR REI PLC 0 INTRODUCTION HS2 HS2 Image Library REI PLC 1 REAL ESTATE INVESTORS PLC Active REI Strong Asset Prudent Attractive Today Platform Management Finance Returns • UK’s only Midlands • Internally managed / • Value creation • Prudent leverage • Aim to deliver capital focused/ Birmingham proven track through reviews, lease providing certainty and growth and income based REIT record/ 100+ years of renewals, lettings, security – current net enhancement through combined experience/ change of use and LTV 42.2% active asset • Portfolio of £228.9 equity alignment/ 6.77% embedded Permitted • management million and a growing Can execute quickly management holding Development with cash/strong market income stream • Fully covered • REI’s advantage is its • Acquisitions at high reputation and access • Multi-sector progressive dividend market insight from its initial yields - Targets: to debt diversification , no paid quarterly network and knowledge 8-20% yield and £2m- material reliance on any • 72% of debt now fixed, • of the region £20m lot size 7 years of consecutive sector, asset or occupier with low average cost dividend growth - £29 • Scalable property • Disposals at/above of debt of 3.4% – 280 occupiers – 53 million paid to management platform book value post asset assets shareholders management with capital recycled REI PLC 2 HIGHLY EXPERIENCED BOARD & PROVEN TRACK RECORD Non-Executive Executive John Crabtree OBE D.UNIV William Wyatt Peter London Paul Bassi CBE DL D.UNIV DSC Marcus Daly FCA Non-Executive Chairman Non-Executive Director Non-Executive Director Chief Executive Officer Finance Director • Joined REI Board in 2010 • Joined REI Board in 2010 • Joined REI Board in 2014 • Joined REI Board in 2006 • Joined REI Board in 2006 • 0.15% shareholder in REI • 0.09% shareholder in REI • 0.03% shareholder in REI • 5.5% shareholder in REI • 1.0% shareholder in REI • Chairman of Glenn Howells • Joined Caledonia in 1997 from • Peter is an Independent Financial • Non-executive Chairman • Chartered Accountant with 30 Architects, White & Black Limited Close Brothers Group Plc. He was Adviser with Ascot Lloyd of Bond Wolfe years experience in advising on strategic matters and corporate & Brandauer Holdings Limited. appointed a director in 2005 and • Peter has a lifetime of experience • Non-executive Chairman planning, particularly in the Until 2003, Senior Partner of Chief Executive in 2010 in providing IFA services to HNW of Likewise Plc Wragge & Co • property sector Non-executive Director of individuals and sold his company • Former Non-executive Chairman • • Former non-executive director of John is Chair of the organising Cobehold S.A., Chairman of to a Swiss Bank in 2007 of CP Bigwood Chartered CP Bigwood Chartered Surveyors committee for the 2022 Newmarket Racecourses and a • Non-Executive Chairman Surveyors Commonwealth Games Trustee of The Rank Foundation of a number of property related • Former non-executive Chairman • Former Regional Chairman & • of the Tipton & Coseley Building In January 2017, John was companies Strategy Advisor to Coutts Bank Society appointed Her Majesty’s Lord (West Midlands) Lieutenant of the West Midlands REI PLC 3 REI PLC BUILDING A BUSINESS OF SUBSTANCE IN LINE WITH THE COMPANY’S PROGRESSIVE DIVIDEND POLICY SINCE 2012 TOTAL DIVIDENDS PAID TO SHAREHOLDERS = £29 MILLION Company listed REI Plc converted on AIM with John Crabtree joins as NEC to a REIT Portfolio of £228.9m NAV 67.4p market cap and William Wyatt as NED Commencement of £45m Placing Net assets of £125.4m of £2.3m £10m Placing Dividend Policy 2004 2006 2010 2011 2012 2014 2015 2016 2019 PB & MD join as NED’s, Peter London £12m placing Quarterly dividend taking a 29% stake joins as NED payments adopted PB CEO and MD FD, £20m Placing Gross property assets focus on Midlands top £200m £25m placing REI PLC 4 THE REI BUSINESS MODEL ACTIVE ASSET MANAGEMENT Generating value through asset management Buys REI market expertise Sells/holds Institutional sales VALUE ADD 12 - 24 months of Institutional quality assets Offices Asset Management Value & convenience retail Lease renewals HNW/investors/pension funds – Leisure/food Rent reviews buyers now active in this segment Vacant property Small scale refurbishment Opportunistic Income maximisation High quality earnings to support dividend Short leases Planning revision 20% Unparalleled market insight via external relationships 5% e.g. Bond Wolfe, Knight Frank, Savills, GVA, CBRE & JLL REI PLC 5 HIGHLIGHTS & FINANCIALS Birmingham Commonwealth Games 2022 Image courtesy of Birmingham City Council REI PLC 6 FY 2019 OPERATIONAL HIGHLIGHTS • Contracted rental income: £17.7 million p.a. Contracted Rental Income £m (FY 2018: £17.0 million p.a.) up 4.1% 17.0 17.7 14.9 16.2 • Gross property assets: £228.9 million 11.9 (FY 2018: £224.8 million) up 1.8% 5.8 7.7 • Acquisitions of £9.25 million in mixed-use assets in Leamington FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 • Disposals of £2.1 million in March 2019 (sale of Metro Court) Gross Property Assets £m • Contracted post-period disposal proceeds of £2.6 million 224.8 228.9 from the sale of City Gate House, Leicester 201.9 213.1 157.5 • Active asset management with 280 tenants 75.2 104.4 (FY 2018: 269) across 53 assets FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 • Occupancy: 96.3% (FY 2018: 96.1%) Occupancy % • WAULT of 3.82 years to break and 5.79 years to expiry (FY 2018: 4.24 years/ 6.24 years) 93 94 96.1 96.3 89 • As at 31 Dec 2019, only two small retail units affected by 83.6 84.6 insolvency, representing 0.56% of income FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 REI PLC 7 FY 2019 FINANCIAL HIGHLIGHTS • Underlying profit before tax* of £8.0 million EPRA EPS (FY 2018: £7.2 million) up 11.1% 3.9 4.3 3.3 • Revenue £16.6 million (FY 2018: £15.6 million) up 6.1% 2.8 0.8 0.4 0.3 • EPRA EPS 4.3p (FY 2018: 3.9p) up 12.2% FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 • Total Dividend per share of 3.8125p (FY 2018: 3.5625p) up 7% • EPRA NAV per share of 67.4p (FY 2018: 69.3p) Dividend P • NET LTV of 42.2% (FY 2018: 39.8%) 3.562 3.8125 3.125 2.625 • Average cost of debt at an all time low of 3.4% (FY 2018: 2 3.7%) 1 1.5 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 • Like for like valuation £219.1 million (FY 2018: £222.8 million) EPRA NAV • Like for like rental income £16.9 million 68.9 69.3 66.2 67.4 (FY 2018: £17.0 million) 64.5 61.3 59.1 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 *underlying profit excludes profit/loss on revaluation, sale of properties and interest rate swaps REI PLC 8 FY 2019 FINANCIALS: GROWING EARNINGS & INCOME • Revenue of £16.6 million – up 6.1% FY 2019 FY 2018 Income Statement £m £m • Underlying profit before tax of £8.0 million – up 11.1%* Revenue 16.6 15.6 • Pre-tax profit of £3.7 million (FY 2018: £8.4 million) after deficit on revaluation of interest rate swaps of £41,000 (FY 2018: Cost of sales (1.5) (1.5) £706,000 surplus) and property revaluations and sales deficit of £4.4 million (FY 2018: £536,000 million surplus), both non- Admin expenses (3.5) (3.3) cash items Property revaluation and sales (4.4) 0.5 • EPRA EPS of 4.3p (FY 2018: 3.9p) - up 12.2% EBIT 7.2 11.3 Growing dividend Underlying profit before tax 8.0 7.2 • Progressive, covered, dividend policy Profit on ordinary activities before tax 3.7 8.4 • Final quarterly dividend payment for 2019: Diluted EPS 1.9p 4.4p − Q4 dividend of 1p per share to be paid in April 2020 EPRA EPS 4.3p 3.9p DPS 3.81p 3.56p *Adjusted for movement on property revaluations, sales and hedge revaluation REI PLC 9 FY 2019 FINANCIALS: STRONG BALANCE SHEET Gross property assets of Net assets of FY 2019 FY 2018 Balance Sheet £m £m Property 228.9 224.8 £228.9m £125.4m Cash 10.1 10.8 Debt (105.2) (98.8) Other (8.4) (8.1) Net assets 125.4 128.7 EPRA NAV per share of Well capitalised with Adjustments 2.7 2.6 net LTV of 67.4p EPRA NAV 128.1 131.3 42.2% EPRA NAV per share 67.4p 69.3p and net debt of £95.1 m Net Debt 95.1 88.0 LTV (net of cash) 42.2% 39.8% REI PLC 10 MOVEMENT IN EPRA NAV PER SHARE 76 74 • Retail 4.3 (2.3) downward 72 valuation of (1.9) 6.2% 70 69.3 68 Pence (0.2) 67.4 • 66 Office portfolio up 64 4% 62 60 01 Jan 2019 Underlying Profit Revaluation of Properties Dividend Other revaluations 31 Dec 2019 REI PLC 11 MOVEMENT IN EPRA EARNINGS PER SHARE 5.0 0.1 4.5 0.5 (0.2) 4.3 4.0 3.9 3.5 3.0 2.5 Pence 2.0 1.5 1.0 0.5 0.0 1 Jan 2019 Rental Income Other Expenses & Interest Admin Expenses 31 Dec 2019 Note: Chart based on 12 months of EPRA EPS from 1 Jan 2019 to 31 Dec 2019 REI PLC 12 FY 2019 FINANCIALS: SIMPLIFIED DEBT POSITION Debt Structure % Debt Maturity £m at 31 Dec 2019 at 31 Dec 2019 • Cost of debt at an all time low of 3.4% at 31 Dec 2019 (FY 2018: 3.7%) Floating • 2020 Property net LTV 42.2% Fixed 7 • 72% of debt is fixed 2021 • Interest cover of 3.3x (FY 2018: 2.9x ) 45 • Multi-banked across 6 lenders 28% 2023 38 31 Dec 2019 31 Dec 2018 2027 8 Net Debt (£m) £m £m Borrowings 105.2 98.8 2030 6 72% Cash (10.1) (10.8) 95.1 88.0 2031 1 REI PLC 13 ATTRACTIVE SPREAD BETWEEN NIY & COST OF DEBT 10.00 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 2014 2015 2016 2017 2018 2019 Cost of Debt NIY Reversionary Yield REI PLC 14 FY 2019 FINANCIALS: REAL RETURNS DIVIDEND IS FULLY COVERED BY EPRA EARNINGS Increasing Shareholder Distribution Year on Year PROGRESSIVE DIVIDEND POLICY IN LINE WITH EARNINGS +7%
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